Two local marine cyanobacteria, Phormidium sp. and Cyanothece sp., were batch-cultured under 18–19.5 °C, at 40 ppt salinity, using white LED light of low (40 μmol photons/m²/s) and high (160 μmol/m²/s) intensity and, additionally, blue, green and red LED light. Yield was highest in high white light in both species (2.15 g dw/L in Phormidium, 1.47 g/L in Cyanothece), followed by green light (1.25 g/L) in Cyanothece and low white and green (1.26–1.33 g/L) in Phormidium. Green light maximized phycocyanin in Phormidium (0.45 mg/mL), while phycoerythrin was enhanced (0.17 mg/mL) by blue light and allophycocyanin by all colors (~0.80 mg/mL). All colors maximized phycocyanin in Cyanothece (~0.32 mg/mL), while phycoerythrin and allophycocyanin peaked under green light (~0.138 and 0.38 mg/mL, respectively). In Phormidium, maximization of chlorophyll-a (9.3 μg/mL) was induced by green light, while total carotenoids and b-carotene (3.05 and 0.89 μg/mL, respectively) by high white light. In Cyanothece, both white light intensities along with green maximized chlorophyll-a (~9 μg/mL) while high white light and green maximized total carotenoids (2.6–3.0 μg/mL). This study strongly indicates that these cyanobacteria can be cultured at the first stage under white light to accumulate sufficient biomass and, subsequently, under colored light for enhancing phycobiliproteins.